Financial Data and Key Metrics Changes - First quarter total revenue was $10.2 million, down from $11.9 million in the prior year quarter [18] - PHA-based resin sales increased by 64% or $3.2 million, while PLA-based resin sales declined by 71% or $4.3 million due to disruptions from the Ukraine conflict [18] - Unrestricted cash and equivalents at the end of the first quarter was $57.3 million, down from $69.2 million at the end of 2023 [21] - Adjusted EBITDA loss was $8.7 million, an improvement from a loss of $8.9 million in the first quarter of 2023 [44] - Total debt balance at the end of the first quarter was $385 million [45] Business Line Data and Key Metrics Changes - PHA sales represented 82% of product sales in the first quarter, expected to increase throughout the year [19][31] - Combined R&D and SG&A expenses totaled $7.5 million, down from $7.9 million in the prior year quarter due to cost control initiatives [20] - Capital expenditures were $2 million in the first quarter, significantly lower than $16.4 million in the prior year [55] Market Data and Key Metrics Changes - The sports fishing industry represents an opportunity of approximately 50 million pounds of soft baits [12] - The company is advancing in the commercialization of compostable cups, targeting a market of over 250 million pounds of petroleum-based plastics used annually [33] Company Strategy and Development Direction - The company is focused on increasing operational efficiencies at its Kentucky facility and has made improvements in product quality and throughput [14] - A proposed pro rata distribution of warrants to stockholders aims to improve balance sheet leverage and maximize shareholder value [16] - The company is excited about expanding geographically and into additional end product categories, with several customers reaching the commercial launch phase [24][32] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the increase of PHA revenues and expects this trend to continue throughout 2024 [31] - There are anticipated short-term revenue headwinds due to changes in customer relationships, particularly with Starbucks [35] - The company is optimistic about the progress in commercialization efforts and R&D trials, expecting increased revenues during 2024 and beyond [58] Other Important Information - The company is in the final stages of the DOE loan program [17] - Recent financing transactions include an equity offering generating approximately $13.5 million and a $20 million revolving asset-based credit agreement [38] Q&A Session Summary Question: What is the expectation for operational costs? - The company is on track to reduce operational costs by about $4 million year-over-year through various cost control measures [53] Question: Any updates on the DOE loan approval timeline? - The company is focused on closing the loan before potential changes in administration, but specifics cannot be disclosed [61][64] Question: What are the expectations for input costs and operational efficiency? - The company is seeing reductions in input costs and continues to implement operational efficiency measures [67][68] Question: What is the outlook for capacity utilization at the Kentucky facility? - The company expects to be at 70% to 80% capacity early next year with launched customers [69]

PART I. FINANCIAL INFORMATION [Item 1. Financial Statements (Unaudited)](index=4&type=section&id=Item%201.%20Financial%20Statements%20(Unaudited)) This section presents Danimer Scientific's unaudited Q1 2024 condensed consolidated financial statements, including balance sheets, operations, equity, cash flows, and detailed notes [Condensed Consolidated Balance Sheets](index=4&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) Total assets and equity decreased, while liabilities rose due to warrant and debt increases from December 2023 to March 2024 Condensed Consolidated Balance Sheet Summary (in thousands) | Metric (in thousands) | March 31, 2024 | December 31, 2023 | | :-------------------- | :------------- | :---------------- | | Total assets | $688,925 | $698,131 | | Total liabilities | $432,832 | $420,111 | | Total stockholders' equity | $256,093 | $278,020 | - Warrant liability significantly increased from **$5 thousand** at December 31, 2023, to **$9,656 thousand** at March 31, 2024"[13](index=13&type=chunk) [Condensed Consolidated Statements of Operations](index=6&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations) Net loss improved to **$27.26 million** in Q1 2024, despite lower revenue, driven by reduced operating expenses Condensed Consolidated Statements of Operations Summary (in thousands) | Metric (in thousands) | Three Months Ended March 31, 2024 | Three Months Ended March 31, 2023 | | :-------------------- | :-------------------------------- | :-------------------------------- | | Total revenue | $10,224 | $11,926 | | Cost of revenue | $16,535 | $18,209 | | Loss from operations | $(18,522) | $(32,227) | | Net loss | $(27,263) | $(36,639) | | Basic and diluted net loss per share | $(0.26) | $(0.36) | - Selling, general and administrative expenses decreased significantly from **$18,699 thousand** in Q1 2023 to **$6,869 thousand** in Q1 2024"[17](index=17&type=chunk) - A gain on remeasurement of warrants of **$99 thousand** was recorded in Q1 2024, compared to a loss of **$1,116 thousand** in Q1 2023"[17](index=17&type=chunk) [Condensed Consolidated Statements of Stockholders' Equity](index=7&type=section&id=Condensed%20Consolidated%20Statements%20of%20Stockholders'%20Equity) Stockholders' equity decreased to **$256.09 million** by March 31, 2024, primarily due to net loss, partially offset by common stock issuance Condensed Consolidated Statements of Stockholders' Equity Summary (in thousands) | Metric (in thousands) | March 31, 2024 | March 31, 2023 | | :-------------------- | :------------- | :------------- | | Total stockholders' equity (end of period) | $256,093 | $355,616 | | Additional paid-in capital (end of period) | $737,465 | $690,893 | | Accumulated deficit (end of period) | $(481,384) | $(335,287) | - Issuance of common stock, net of issuance costs, contributed **$4,650 thousand** to additional paid-in capital in Q1 2024"[19](index=19&type=chunk) - Stock-based compensation expense significantly decreased from **$14,065 thousand** in Q1 2023 to **$574 thousand** in Q1 2024"[19](index=19&type=chunk) [Condensed Consolidated Statements of Cash Flows](index=8&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Net cash used in operations increased to **$12.99 million** in Q1 2024, while investing cash use decreased, and financing provided less cash than the prior year Condensed Consolidated Statements of Cash Flows Summary (in thousands) | Metric (in thousands) | Three Months Ended March 31, 2024 | Three Months Ended March 31, 2023 | | :-------------------- | :-------------------------------- | :-------------------------------- | | Net cash used in operating activities | $(12,991) | $(5,865) | | Net cash used in investing activities | $(1,970) | $(16,400) | | Net cash provided by financing activities | $13,037 | $91,539 | | Net (decrease) increase in cash and restricted cash | $(1,924) | $69,274 | - Cash paid for interest, net of interest capitalized, increased from **$2,942 thousand** in Q1 2023 to **$4,910 thousand** in Q1 2024"[22](index=22&type=chunk) - Financing activities in Q1 2024 included **$8,883 thousand** from issuance of common warrants and **$4,650 thousand** from issuance of common stock"[22](index=22&type=chunk) [Notes to Condensed Consolidated Financial Statements](index=10&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements) These notes offer crucial context to the condensed financial statements through detailed disclosures on business, accounting policies, and key financial items [Note 1. Basis of Presentation](index=10&type=section&id=Note%201.%20Basis%20of%20Presentation) Danimer Scientific, a bioplastic company, operates on a going concern basis, managing risks through cost reduction actions - Danimer Scientific is a performance polymer company specializing in bioplastic replacements for traditional petroleum-based plastics"[24](index=24&type=chunk) - Unrestricted cash resources of **$57.3 million** at March 31, 2024, are believed to be sufficient for liquidity requirements for more than one year"[30](index=30&type=chunk) - The company has implemented cost reduction actions, including reduced discretionary spending, employee headcount rationalization, increased focus on accounts receivable collections, postponed capital expenditures, and an initiative to reduce on-hand inventory levels"[33](index=33&type=chunk) [Note 2. Inventories, net](index=11&type=section&id=Note%202.%20Inventories%2C%20net) Net inventories increased slightly to **$25.99 million** at March 31, 2024, from **$25.27 million** at December 31, 2023, primarily due to raw materials Inventory Categories (in thousands) | Inventory Category (in thousands) | March 31, 2024 | December 31, 2023 | | :-------------------------------- | :------------- | :---------------- | | Raw materials | $11,843 | $10,867 | | Work in process | $503 | $546 | | Finished goods and related items | $13,643 | $13,857 | | Total inventories, net | $25,989 | $25,270 | - Finished neat PHA included in finished goods and related items increased from **$7.6 million** at December 31, 2023, to **$8.1 million** at March 31, 2024"[34](index=34&type=chunk) [Note 3. Property, Plant and Equipment, net](index=11&type=section&id=Note%203.%20Property%2C%20Plant%20and%20Equipment%2C%20net) Net property, plant and equipment decreased to **$439.83 million** at March 31, 2024, with Greenfield Facility construction paused pending financing Property, Plant and Equipment Summary (in thousands) | Asset Category (in thousands) | March 31, 2024 | December 31, 2023 | | :---------------------------- | :------------- | :---------------- | | Total property, plant and equipment, net | $439,834 | $445,153 | | Construction in progress | $203,617 | $202,998 | - Major construction on the Greenfield Facility has been paused, and completion is contingent upon obtaining additional financing, with an estimated cost ranging from **$515 million** to **$665 million** (2022 estimate)"[36](index=36&type=chunk) Depreciation and Amortization Expense (in thousands) | Depreciation and Amortization Expense (in thousands) | Three Months Ended March 31, 2024 | Three Months Ended March 31, 2023 | | :--------------------------------------------------- | :-------------------------------- | :-------------------------------- | | Cost of revenue | $5,147 | $5,213 | | Research and development | $2,031 | $2,082 | | Selling, general and administrative | $353 | $284 | | Total depreciation and amortization expense | $7,531 | $7,579 | [Note 4. Intangible Assets](index=12&type=section&id=Note%204.%20Intangible%20Assets) Net intangible assets, primarily patents and know-how, decreased slightly to **$77.17 million** at March 31, 2024, with consistent amortization expense Intangible Assets Summary (in thousands) | Metric (in thousands) | March 31, 2024 | December 31, 2023 | | :-------------------- | :------------- | :---------------- | | Intangible assets, net | $77,169 | $77,790 | - Amortization expense for intangible assets was **$1.1 million** for both the three months ended March 31, 2024, and 2023, included in research and development costs"[39](index=39&type=chunk) [Note 5. Accrued Liabilities](index=12&type=section&id=Note%205.%20Accrued%20Liabilities) Total accrued liabilities increased to **$6.48 million** at March 31, 2024, mainly due to higher accrued interest and professional fees Accrued Liabilities Summary (in thousands) | Accrued Liability (in thousands) | March 31, 2024 | December 31, 2023 | | :------------------------------- | :------------- | :---------------- | | Accrued interest | $2,399 | $440 | | Accrued legal, consulting and professional fees | $1,408 | $839 | | Compensation and related expenses | $508 | $1,692 | | Total accrued liabilities | $6,484 | $4,726 | [Note 6. Income Taxes](index=12&type=section&id=Note%206.%20Income%20Taxes) The company reported immaterial income tax expense for Q1 2024, resulting in a zero effective tax rate due to valuation allowances - Immaterial income tax expense for Q1 2024 resulted in an effective income tax rate of zero percent"[41](index=41&type=chunk) - The effective tax rates differed from the federal statutory rate of 21% due to valuation allowances against substantially all net deferred income tax assets"[41](index=41&type=chunk)[44](index=44&type=chunk) [Note 7. Leases](index=14&type=section&id=Note%207.%20Leases) Total operating lease costs increased to **$1.04 million** in Q1 2024, primarily driven by higher costs allocated to cost of revenue and R&D Operating Lease Cost (in thousands) | Operating Lease Cost (in thousands) | Three Months Ended March 31, 2024 | Three Months Ended March 31, 2023 | | :---------------------------------- | :-------------------------------- | :-------------------------------- | | Cost of revenue | $754 | $581 | | Selling, general and administrative | $33 | $137 | | Research and development | $248 | $76 | | Total operating lease cost | $1,035 | $794 | [Note 8. Warrant Liability](index=14&type=section&id=Note%208.%20Warrant%20Liability) Warrant liability significantly increased due to the issuance of **15 million** Common Warrants in March 2024, partially offset by a remeasurement gain - **3,914,525 Private Warrants** were outstanding at March 31, 2024, with an exercise price of **$11.50** per share, expiring December 28, 2025"[47](index=47&type=chunk) - **15,000,000 Common Warrants** were issued on March 25, 2024, with an exercise price of **$1.33** per share, exercisable from September 25, 2024, and expiring September 25, 2029"[50](index=50&type=chunk)[51](index=51&type=chunk) Warrant Liability (in thousands) | Warrant Liability (in thousands) | March 31, 2024 | | :------------------------------- | :------------- | | Private Warrants liability | $(206) | | Common Warrants liability | $(9,450) | [Note 9. Debt](index=15&type=section&id=Note%209.%20Debt) Total long-term debt, net, increased slightly to **$384.23 million** at March 31, 2024, including Convertible Senior Notes and a Senior Secured Term Loan Debt Components (in thousands) | Debt Component (in thousands) | March 31, 2024 | December 31, 2023 | | :---------------------------- | :------------- | :---------------- | | 3.25% Convertible Senior Notes | $240,000 | $240,000 | | Senior Secured Term Loan | $130,000 | $130,000 | | New Market Tax Credit Transactions | $45,700 | $45,700 | | Total long-term debt, net | $384,229 | $381,436 | - The Convertible Notes accrue interest at **3.25%** per annum, payable semi-annually, and mature on December 15, 2026"[55](index=55&type=chunk) - The Senior Secured Term Loan accrues interest at a fixed annual rate of **14.4%** and requires **$12.5 million** to be held in an interest-payment reserve account (restricted cash)"[57](index=57&type=chunk) [Note 10. Equity](index=17&type=section&id=Note%2010.%20Equity) Common stock outstanding increased to **114.24 million** shares at March 31, 2024, due to new issuances, with **57.24 million** anti-dilutive instruments excluded Common Stock Activity | Common Stock Activity | Three Months Ended March 31, 2024 | Three Months Ended March 31, 2023 | | :-------------------- | :-------------------------------- | :-------------------------------- | | Balance, beginning of period | 102,832,103 | 101,804,454 | | Issuance of common stock | 11,408,818 | 133,922 | | Balance, end of period | 114,240,921 | 101,938,376 | - As of March 31, 2024, **$48.6 million** remains available for distribution under the ATM Offering, which was amended to reduce the total offering price from **$100.0 million** to **$50.0 million**"[72](index=72&type=chunk) Anti-dilutive Instruments (shares) | Anti-dilutive Instruments (shares) | March 31, 2024 | March 31, 2023 | | :--------------------------------- | :------------- | :------------- | | Convertible Notes | 22,250,040 | 22,250,040 | | Common Warrants | 15,000,000 | - | | Employee stock options | 9,253,370 | 12,044,231 | | Private Warrants | 3,914,525 | 3,914,525 | | Pre-Funded Warrants | 3,750,000 | - | | Senior Secured Term Loan Warrants | 1,500,000 | 1,500,000 | | Total excluded instruments | 57,237,580 | 42,104,573 | [Note 11. Revenue](index=18&type=section&id=Note%2011.%20Revenue) Total revenue decreased to **$10.22 million** in Q1 2024, driven by lower PLA-based product sales and service revenue, despite significant PHA-based product growth Revenue by Category (in thousands) | Revenue Category (in thousands) | Three Months Ended March 31, 2024 | Three Months Ended March 31, 2023 | | :------------------------------ | :-------------------------------- | :-------------------------------- | | Products | $9,955 | $11,096 | | Services | $269 | $830 | | Total revenue | $10,224 | $11,926 | Geographic Revenue (in thousands) | Geographic Revenue (in thousands) | Three Months Ended March 31, 2024 | Three Months Ended March 31, 2023 | | :-------------------------------- | :-------------------------------- | :-------------------------------- | | Domestic | $9,729 | $10,274 | | Portugal | $180 | - | | Poland | $155 | $77 | | Switzerland | $91 | - | | All other countries | $69 | $1,575 | | Total revenues | $10,224 | $11,926 | - PHA-based product sales increased by **$3.2 million (64%)** in Q1 2024 compared to the prior year quarter, representing **82%** of product revenues"[156](index=156&type=chunk) - PLA-based product sales decreased by **$4.3 million** due to a **59%** decrease in volumes and a **33%** decrease in weighted average selling price, partly attributed to the conflict in Ukraine"[156](index=156&type=chunk) [Note 12. Stock-Based Compensation](index=20&type=section&id=Note%2012.%20Stock-Based%20Compensation) Total stock-based compensation expense significantly decreased to **$0.97 million** in Q1 2024, primarily due to certain executive awards being fully amortized Stock-Based Compensation (in thousands) | Stock-Based Compensation (in thousands) | Three Months Ended March 31, 2024 | Three Months Ended March 31, 2023 | | :-------------------------------------- | :-------------------------------- | :-------------------------------- | | Cost of revenue | $3 | $2 | | Selling, general and administrative | $818 | $13,318 | | Research and development | $145 | $1,623 | | Total stock-based compensation | $966 | $14,943 | - As of March 31, 2024, **4,519,719 shares** remained authorized for issuance under the 2020 Incentive Plan"[87](index=87&type=chunk) - Unrecognized compensation cost related to unvested stock options and restricted shares was **$2.7 million** as of March 31, 2024, expected to be recognized over a weighted-average period of **0.9 years**"[103](index=103&type=chunk) [Note 13. Fair Value Considerations](index=23&type=section&id=Note%2013.%20Fair%20Value%20Considerations) The company categorizes financial instruments into a three-tier fair value hierarchy, with Level 3 instruments valued using the Black-Scholes model - The fair value of Convertible Notes was approximately **$17.8 million** at March 31, 2024"[106](index=106&type=chunk) - The estimated fair value of the Senior Secured Term Loan was approximately **$40.5 million** at March 31, 2024"[109](index=109&type=chunk) Black-Scholes Inputs (Common Warrants) | Black-Scholes Inputs (Common Warrants) | March 31, 2024 | March 25, 2024 | | :------------------------------------- | :------------- | :------------- | | Share price of our common stock | $1.09 | $1.08 | | Expected volatility | 68.42% | 72.80% | | Risk-free rate of return | 4.12% | 4.15% | | Expected warrant term (years) | 5.49 | 5.50 | | Fair value determined per warrant | $0.63 | $0.65 | [Note 14. Commitments and Contingencies](index=25&type=section&id=Note%2014.%20Commitments%20and%20Contingencies) The company is involved in consolidated class action and shareholder derivative lawsuits, with no losses accrued due to estimation inability, and responded to an SEC inquiry - Multiple class action and shareholder derivative lawsuits have been filed against the company and its directors/officers, alleging violations of federal securities laws and breach of fiduciary duty"[116](index=116&type=chunk)[117](index=117&type=chunk)[121](index=121&type=chunk) - The court granted the Defendant's motion to dismiss the consolidated class action lawsuit in full on September 30, 2023, which is currently under appeal"[120](index=120&type=chunk) - The company has not accrued any losses for these legal matters as of March 31, 2024, due to the inability to estimate the likelihood or amount of loss"[122](index=122&type=chunk) - The company voluntarily produced requested information to the SEC in connection with a non-public, fact-finding inquiry"[123](index=123&type=chunk) [Note 15. Subsequent Events](index=27&type=section&id=Note%2015.%20Subsequent%20Events) Subsequent to quarter-end, Danimer Scientific entered a **$20.0 million** Revolving Credit Agreement and proposed a Dividend Warrants distribution subject to shareholder approval - On April 19, 2024, the company entered into a Revolving Credit Agreement for **$20.0 million**, secured by accounts receivable and inventory, accruing interest at SOFR plus **7%**, and maturing on April 19, 2027"[125](index=125&type=chunk)[126](index=126&type=chunk)[127](index=127&type=chunk) - On May 2, 2024, the Board of Directors proposed a distribution of Dividend Warrants to stockholders, contingent on shareholder approval to increase authorized common stock shares at the July 9, 2024 annual meeting"[128](index=128&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=30&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) This section provides management's perspective on the company's Q1 2024 financial condition and results, discussing revenue, expenses, current developments, and liquidity [Introductory Note](index=30&type=section&id=Introductory%20Note) The introductory note reiterates the company's history, including its formation as a SPAC and subsequent acquisitions of Meredian Holdings Group and Novomer - Danimer Scientific was formed through a business combination with Meredian Holdings Group, Inc. (Legacy Danimer) on December 29, 2020, and later acquired Novomer, Inc. on August 11, 2021"[134](index=134&type=chunk)[135](index=135&type=chunk) [Overview](index=32&type=section&id=Overview) Danimer Scientific is a bioplastic company specializing in biodegradable replacements for petroleum-based plastics, expanding PHA production capacity with a paused Greenfield Facility - Danimer Scientific is a performance polymer company specializing in bioplastic replacements for traditional petroleum-based plastics, combining base polymer production with reactive extrusion capacity"[136](index=136&type=chunk) - The company produces PHA-based resins (Nodax brand) through fermentation and PLA-based resins, designed as 'drop-in' replacements for petroleum plastics"[137](index=137&type=chunk)[141](index=141&type=chunk) - Construction of the Greenfield Facility in Bainbridge, Georgia, with a planned annual production capacity of approximately **125 million pounds**, has been suspended, and completion is contingent upon securing additional financing"[139](index=139&type=chunk) [Key Factors Affecting Operating Results](index=34&type=section&id=Key%20Factors%20Affecting%20Operating%20Results) Revenue is driven by PHA adoption, new PLA products, and R&D contracts, while expenses are influenced by raw material costs, personnel, and overhead - PHA-based revenue drivers include the pace of material adoption and the ability to bring additional production capacity online, such as the Greenfield Facility"[146](index=146&type=chunk) - Service revenue is primarily impacted by the timing and execution of customer R&D contracts, which are expected to lead to long-term supply agreements"[147](index=147&type=chunk) - Cost of revenue includes raw materials, personnel, production overhead, rent, utilities, and depreciation, while SG&A covers corporate administration and non-direct production/R&D expenses"[148](index=148&type=chunk)[149](index=149&type=chunk) [Current Developments](index=34&type=section&id=Current%20Developments) In Q1 2024, Danimer advanced biodegradable packaging with a commercial coffee pod shipment and customer agreements, though the Ukraine conflict continues to impact sales and costs - Completed the first commercial shipment of compostable single-use coffee pod capsule resin to Delta Cafes"[154](index=154&type=chunk) - Made additional progress in negotiating development and supply agreements with blue-chip customers"[154](index=154&type=chunk) - The conflict in Ukraine has led to a decline in PLA product sales, supply chain challenges, and increased logistics and raw material costs, particularly for canola oil"[152](index=152&type=chunk) [Results of Operations for the Three Months Ended March 31, 2024 and 2023](index=36&type=section&id=Results%20of%20Operations%20for%20the%20Three%20Months%20Ended%20March%2031%2C%202024%20and%202023) Total revenue decreased by **14%** year-over-year, but net loss improved due to substantial reductions in selling, general, and administrative expenses Results of Operations Summary (in thousands) | Metric (in thousands) | Three Months Ended March 31, 2024 | Three Months Ended March 31, 2023 | Change ($) | Change (%) | | :-------------------- | :-------------------------------- | :-------------------------------- | :--------- | :--------- | | Total revenue | $10,224 | $11,926 | $(1,702) | -14.3% | | Cost of revenue | $16,535 | $18,209 | $(1,674) | -9.2% | | Gross profit | $(6,311) | $(6,283) | $(28) | -0.4% | | Selling, general and administrative | $6,869 | $18,699 | $(11,830) | -63.2% | | Research and development | $5,342 | $7,075 | $(1,733) | -24.5% | | Loss from operations | $(18,522) | $(32,227) | $13,705 | 42.5% | | Net loss | $(27,263) | $(36,639) | $9,376 | 25.6% | - PHA-based product sales increased by **$3.2 million**, or **64%**, in Q1 2024, representing **82%** of product revenues"[156](index=156&type=chunk) - The improvement in selling, general and administrative expense primarily relates to decreases in stock-based compensation of **$12.5 million**"[159](index=159&type=chunk) [Liquidity and Capital Resources](index=38&type=section&id=Liquidity%20and%20Capital%20Resources) As of March 31, 2024, Danimer Scientific had **$57.3 million** in cash and equivalents, deemed sufficient for the next twelve months, though Greenfield Facility completion requires additional financing - As of March 31, 2024, the company had **$57.3 million** in cash and cash equivalents and **$31.4 million** in other working capital"[164](index=164&type=chunk) - Management believes current liquidity is adequate to fund operations for the next twelve months"[164](index=164&type=chunk) - Completion of the Greenfield Facility, which has an estimated cost of **$515 million** to **$665 million**, is contingent upon receiving additional financing, with **$187.8 million** already invested"[165](index=165&type=chunk) [Cash Flows for the Three Months Ended March 31, 2024 and 2023](index=39&type=section&id=Cash%20Flows%20for%20the%20Three%20Months%20Ended%20March%2031%2C%202024%20and%202023) Net cash used in operating activities increased to **$13.0 million** in Q1 2024, while investing cash use decreased, and financing provided less cash than the prior year Cash Flow Activity (in thousands) | Cash Flow Activity (in thousands) | Three Months Ended March 31, 2024 | Three Months Ended March 31, 2023 | | :-------------------------------- | :-------------------------------- | :-------------------------------- | | Net cash used in operating activities | $(12,991) | $(5,865) | | Net cash used in investing activities | $(1,970) | $(16,400) | | Net cash provided by financing activities | $13,037 | $91,539 | - The increase in cash outflows from operating activities is primarily due to a full quarter of interest payments related to the Senior Secured Term Loan in Q1 2024"[174](index=174&type=chunk) - Financing activities in Q1 2024 included **$13.5 million** from the issuance of warrants and common stock, net of issuance costs"[176](index=176&type=chunk) [Off-balance Sheet Arrangements](index=39&type=section&id=Off-balance%20Sheet%20Arrangements) As of March 31, 2024, Danimer Scientific has no material off-balance sheet arrangements likely to affect its financial condition or results - The company has no material off-balance sheet arrangements as of March 31, 2024"[176](index=176&type=chunk) [Item 3. Quantitative and Qualitative Disclosures About Market Risk](index=39&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) Danimer Scientific is exposed to commodity price risk for raw materials, with prices fluctuating due to market demand and global events, but does not use derivatives for speculative purposes - The company is exposed to commodity price risk for raw materials such as PLA, PBS, PBAT, and canola oil, with prices fluctuating based on market demand and global events like the Russian invasion of Ukraine"[177](index=177&type=chunk)[179](index=179&type=chunk) - Product margins and profitability may fluctuate depending on whether increases in raw material costs are passed on to customers"[179](index=179&type=chunk) - The company does not enter into derivatives or other financial instruments for trading or speculative purposes"[177](index=177&type=chunk) [Item 4. Controls and Procedures](index=40&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that disclosure controls and procedures were effective as of March 31, 2024, with no material changes in internal control over financial reporting - Management, including the CEO and CFO, concluded that disclosure controls and procedures were effective as of March 31, 2024"[182](index=182&type=chunk) - No material changes in internal control over financial reporting occurred during the three months ended March 31, 2024"[183](index=183&type=chunk) - Control systems provide only reasonable, not absolute, assurance and have inherent limitations, including potential for faulty judgments or circumvention"[180](index=180&type=chunk) PART II. OTHER INFORMATION [Item 1. Legal Proceedings](index=40&type=section&id=Item%201.%20Legal%20Proceedings) This section refers to Note 14 of the financial statements for detailed information on legal proceedings, including class action and shareholder derivative lawsuits, and an SEC inquiry - Refer to Note 14 for detailed information on legal proceedings"[185](index=185&type=chunk) [Item 1A. Risk Factors](index=40&type=section&id=Item%201A.%20Risk%20Factors) There have been no material changes to the company's risk factors from those disclosed in its Annual Report on Form 10-K for the year ended December 31, 2023 - No material changes in risk factors from the Annual Report on Form 10-K for the year ended December 31, 2023"[186](index=186&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=40&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) There were no unregistered sales of equity securities or use of proceeds to report during the period - No unregistered sales of equity securities or use of proceeds to report"[187](index=187&type=chunk) [Item 5. Other Information](index=40&type=section&id=Item%205.%20Other%20Information) No Rule 10b5-1 trading arrangements were adopted or terminated by directors, officers, or the company during the three months ended March 31, 2024 - No Rule 10b5-1 trading arrangements were adopted or terminated by directors, officers, or the company during the three months ended March 31, 2024"[188](index=188&type=chunk) [Item 6. Exhibits](index=41&type=section&id=Item%206.%20Exhibits) This section lists all exhibits filed with the Form 10-Q, including various agreements, warrants, and certifications from executive officers - Exhibits include forms of Pre-Funded Common Stock Purchase Warrant and Common Stock Purchase Warrant, Placement Agency Agreement, Securities Purchase Agreement, and Credit and Security Agreement"[190](index=190&type=chunk) - Certifications from the Principal Executive Officer and Principal Financial Officer pursuant to the Sarbanes-Oxley Act of 2002 are included"[190](index=190&type=chunk) [Signatures](index=42&type=section&id=Signatures) The report is duly signed on behalf of Danimer Scientific, Inc. by Stephen E. Croskrey, Chief Executive Officer, and Michael A. Hajost, Chief Financial Officer, on May 7, 2024 - The report was signed by Stephen E. Croskrey, Chief Executive Officer, and Michael A. Hajost, Chief Financial Officer, on May 7, 2024"[194](index=194&type=chunk)

Danimer Scientific Announces First Quarter 2024 Results -- PHA Revenue Increase of 64% Year-Over-Year – Stephen E. Croskrey, Chairman and Chief Executive Officer of Danimer, commented, "We completed the first quarter in line with our expectations. However, we are facing near term headwinds into our second and possibly third quarters related to Starbucks reapportioning their Nodax-based straw business from one of our converter partners to another. The converter receiving the new business built significant in ...

The market expects Danimer Scientific, Inc. (DNMR) to deliver a year-over-year increase in earnings on higher revenues when it reports results for the quarter ended March 2024. This widely-known consensus outlook is important in assessing the company's earnings picture, but a powerful factor that might influence its near-term stock price is how the actual results compare to these estimates.The stock might move higher if these key numbers top expectations in the upcoming earnings report. On the other hand, i ...

Danimer Scientific, Inc. (DNMR) has been on a downward spiral lately with significant selling pressure. After declining 41.7% over the past four weeks, the stock looks well positioned for a trend reversal as it is now in oversold territory and there is strong agreement among Wall Street analysts that the company will report better earnings than they predicted earlier.Guide to Identifying Oversold StocksWe use Relative Strength Index (RSI), one of the most commonly used technical indicators, for spotting whe ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE TRANSITION PERIOD FROM TO Commission File Number 001-39280 DANIMER SCIENTIFIC, INC. (Exact name of Registrant as specified in its Charter) Delaware 84-1924518 (State or other jurisdictio ...

Financial Data and Key Metrics Changes - Fourth quarter total revenue was $10.9 million, down from $15.3 million, with a product revenue decline of $4 million or 28% year-over-year [17] - Adjusted EBITDA loss for the full year was $39 million, an improvement of $6 million from the previous year's loss of $45 million [19] - The company ended the fourth quarter with a total debt balance of $382.8 million [20] Business Line Data and Key Metrics Changes - PHA-based resin sales grew by 11% in the fourth quarter compared to last year, while PLA-based resin sales fell by 74% due to ongoing issues related to the Ukraine conflict [17] - The company reported a gross loss of $6.4 million in Q4 2023, compared to a gross loss of $2.7 million in the prior year [43] Market Data and Key Metrics Changes - The company is entering the European market with a compostable single-use coffee capsule, representing a potential 500 million pound opportunity [6] - The company expects to see significant demand growth for PHA-based products, reaffirming its projected profitability timeline for its Kentucky operation [13] Company Strategy and Development Direction - The company is focused on transforming the plastics market with its developmental expertise and growing customer base, aiming to remain ahead of competition [22] - The company is advancing commercialization efforts in the quick service restaurant (QSR) channel, with significant projects underway for cutlery and other products [35] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the future, highlighting a strong pipeline of customer demand and the potential for improved cash flow from Kentucky operations [46] - The company anticipates becoming EBITDA positive during the second half of 2024 at a plant capacity utilization of just over 30% [38] Other Important Information - The company completed an equity offering generating $13.5 million of additional cash [14] - Two new board members were appointed, bringing valuable industry experience to the company [15][40] Q&A Session Summary Question: Expectations for timing and ramp-up through the year - Management indicated that the ramp-up will be driven by a significant cutlery award, with expectations to be in distribution centers by Q3 and at full run rate by Q2 of next year [25] Question: Update on the DOE loan program - Management expects to negotiate terms and is looking for a conditional offer by Q3 [68] Question: Update on feedstock pricing - Canola prices averaged around $0.86 per pound in Q4, with projections to decrease to about $0.70 by mid-year [75] Question: Current market expectations for customer demand - The 85 customers in the material selection cycle represent at least three times more capacity than is available in Kentucky and the greenfield [78] Question: Capital requirements for agreements - The goal is to be capital-light, with potential co-location reducing capital requirements by utilizing existing infrastructure [83]

[Executive Summary & Business Overview](index=1&type=section&id=Executive%20Summary%20%26%20Business%20Overview) Danimer Scientific is a leading bioplastics company focused on biodegradable PHA materials, with the CEO acknowledging a challenging 2023 but anticipating significant 2024 growth [Company Overview](index=1&type=section&id=Company%20Overview) Danimer Scientific is a leading bioplastics company specializing in the development and production of biodegradable materials, primarily PHA-based, holding over 480 patents for its formulations and manufacturing processes used in various end products - Danimer Scientific is a leading next-generation bioplastics company focused on biodegradable materials[1](index=1&type=chunk) - The company's technology is applied in various plastic end products, including additives, aqueous coatings, fibers, filaments, films, and injection-molded articles[10](index=10&type=chunk)[11](index=11&type=chunk) - Danimer holds over **480 granted patents** and pending patent applications in more than **20 countries** for its manufacturing processes and biopolymer formulations[11](index=11&type=chunk) [CEO Commentary](index=1&type=section&id=CEO%20Commentary) CEO Stephen E. Croskrey acknowledged 2023 as a challenging year but expressed encouragement regarding the company's successes and its leading position in biodegradable plastics, particularly PHA-based materials, anticipating significant business growth in 2024 supported by enhanced operational liquidity - 2023 was a challenging year, but the company is encouraged by successes and believes it remains ahead of the competition in understanding the biodegradable plastics industry and production capacity[2](index=2&type=chunk) - The company is focused on leveraging its global market-leadership position in PHA-based materials to drive value[2](index=2&type=chunk) - Management maintains a strong belief in significant business growth in 2024, supported by a recently completed equity offering that enhances operational liquidity[3](index=3&type=chunk) [Financial Highlights](index=1&type=section&id=Financial%20Highlights) This section reviews Danimer Scientific's financial performance for Q4 and full year 2023, highlighting revenue trends, profitability metrics, and capital expenditures [Fourth Quarter 2023 Financial Performance](index=1&type=section&id=Fourth%20Quarter%202023%20Financial%20Performance) In Q4 2023, Danimer Scientific experienced a decline in revenue to $10.9 million from $15.3 million in Q4 2022, primarily due to a $4.9 million reduction in PLA revenue caused by the conflict in Ukraine, despite a $0.9 million increase in PHA revenue, with gross profit and Adjusted EBITDA also seeing declines Q4 2023 Financial Performance Summary | Metric | Q4 2023 (Millions USD) | Q4 2022 (Millions USD) | Change (Millions USD) | | :----- | :--------------------- | :--------------------- | :-------------------- | | Revenues | $10.9 | $15.3 | $(4.4) | | PHA Revenue | +$0.9 | N/A | +$0.9 | | PLA Revenue | -$4.9 | N/A | -$4.9 | | Gross Profit | $(6.4) | $(2.7) | $(3.7) | | Adjusted Gross Profit | $(1.2) | $2.0 | $(3.2) | | Adjusted EBITDA | $(10.7) | $(8.6) | $(2.1) | - The net reduction in product revenue of **$4.0 million** was primarily due to a **$4.9 million** decrease in PLA revenue, affected by the conflict in Ukraine, partially offset by a **$0.9 million** increase in PHA revenue[5](index=5&type=chunk) [Full Year 2023 Financial Performance](index=1&type=section&id=Full%20Year%202023%20Financial%20Performance) For the full year 2023, total revenues decreased to $46.7 million from $53.2 million in 2022, with PHA-related sales growing by 6% and constituting 69% of product revenues, while PLA-based product sales declined by $6.1 million due to the Ukraine conflict; gross profit and Adjusted gross profit worsened, but Adjusted EBITDA improved to $(39.0) million from $(45.0) million in 2022, reflecting expense control measures, with capital expenditures at $27.7 million Full Year 2023 Financial Performance Summary | Metric | FY 2023 (Millions USD) | FY 2022 (Millions USD) | Change (Millions USD) | | :----- | :--------------------- | :--------------------- | :-------------------- | | Revenues | $46.7 | $53.2 | $(6.5) | | PHA Sales Growth | 6% | N/A | N/A | | PHA % of Product Revenue | 69% | N/A | N/A | | PLA Sales Decline | $(6.1) | N/A | N/A | | Gross Profit | $(27.0) | $(10.4) | $(16.6) | | Adjusted Gross Profit | $(6.5) | $2.0 | $(8.5) | | Adjusted EBITDA | $(39.0) | $(45.0) | $6.0 | - The year-over-year improvement in **Adjusted EBITDA** primarily reflects the Company's comprehensive program of expense control measures[5](index=5&type=chunk) - Full-year capital expenditures were **$27.7 million**, consistent with guidance[6](index=6&type=chunk) [Financial Position & Outlook](index=2&type=section&id=Financial%20Position%20%26%20Outlook) This section details Danimer Scientific's capital structure as of year-end 2023 and provides financial guidance for fiscal year 2024 [Capital Structure](index=2&type=section&id=Capital%20Structure) As of December 31, 2023, Danimer reported total debt of $382.8 million, which includes $45.7 million in low-interest New Markets Tax Credit loans expected to be forgiven starting in 2026, with a post-period equity offering on March 20, 2024, securing over $13 million in additional liquidity, enhancing the company's financial flexibility for its growth strategy - Total debt outstanding at December 31, 2023, was **$382.8 million**[7](index=7&type=chunk) - Approximately **$45.7 million** of the debt consists of low-interest New Markets Tax Credit loans, expected to be forgiven beginning in 2026[7](index=7&type=chunk) - An equity offering executed on March 20, 2024, provided over **$13 million** in additional liquidity, improving the company's position and strategic flexibility[8](index=8&type=chunk) [Fiscal Year 2024 Guidance](index=2&type=section&id=Fiscal%20Year%202024%20Guidance) Danimer anticipates accelerating revenue growth in the second half of 2024, which is expected to lead to improved operating margins and cash flow, providing FY2024 guidance for Adjusted EBITDA in the range of $(22) million to $(32) million (an improvement from 2023), capital expenditures between $8 million and $10 million, and an unrestricted cash balance of $20 million to $25 million by year-end - Revenue growth is expected to accelerate during the second half of 2024, leading to improvement in operating margins and operating cash flow[9](index=9&type=chunk) Fiscal Year 2024 Guidance vs. 2023 Actuals | Metric | FY 2024 Guidance (Millions USD) | FY 2023 Actual (Millions USD) | | :----- | :------------------------------ | :---------------------------- | | Adjusted EBITDA | $(22) to $(32) | $(39.0) | | Capital Expenditures | $8 to $10 | $27.7 | | Unrestricted Cash Balance (Year-End) | $20 to $25 | $59.2 (Dec 31, 2023) | - The improvement in **Adjusted EBITDA** is expected to result primarily from revenue growth in PHA-based resins and benefits of scale from Kentucky manufacturing operations, along with ongoing efficiency and cost reduction initiatives[10](index=10&type=chunk) [Financial Statements](index=5&type=section&id=Financial%20Statements) This section presents Danimer Scientific's condensed consolidated balance sheets, statements of operations, and cash flows for the relevant periods [Condensed Consolidated Balance Sheets](index=5&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) As of December 31, 2023, total assets slightly decreased to $698.13 million from $712.27 million in 2022, while total liabilities significantly increased to $420.11 million from $334.66 million, driven primarily by a rise in long-term debt, consequently declining total stockholders' equity from $377.61 million to $278.02 million Condensed Consolidated Balance Sheets | Balance Sheet Item | December 31, 2023 (Thousands USD) | December 31, 2022 (Thousands USD) | | :----------------- | :-------------------------------- | :-------------------------------- | | Cash and cash equivalents | $59,170 | $62,792 | | Total current assets | $108,038 | $125,071 | | Property, plant and equipment, net | $445,153 | $453,949 | | Total assets | $698,131 | $712,270 | | Total current liabilities | $15,723 | $25,287 | | Long-term debt, net | $381,436 | $286,398 | | Total liabilities | $420,111 | $334,658 | | Total stockholders' equity | $278,020 | $377,612 | [Condensed Consolidated Statements of Operations](index=7&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations) For the full year 2023, total revenue was $46.68 million, a decrease from $53.22 million in 2022, with the net loss improving to $(155.47) million in 2023 from $(179.76) million in 2022, primarily due to a significant reduction in impairment of long-lived assets and lower selling, general and administrative expenses Condensed Consolidated Statements of Operations | Income Statement Item | FY 2023 (Thousands USD) | FY 2022 (Thousands USD) | | :-------------------- | :---------------------- | :---------------------- | | Total revenue | $46,684 | $53,218 | | Cost of revenue | $73,644 | $63,632 | | Selling, general and administrative | $68,983 | $81,589 | | Research and development | $29,242 | $31,939 | | Impairment of long-lived assets | $188 | $63,491 | | Loss from operations | $(125,619) | $(187,434) | | Net loss | $(155,473) | $(179,758) | | Basic net loss per share | $(1.52) | $(1.78) | [Condensed Consolidated Statements of Cash Flows](index=8&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Net cash used in operating activities improved to $(47.26) million in 2023 from $(61.84) million in 2022, while net cash used in investing activities significantly decreased to $(27.66) million from $(182.48) million, mainly due to lower capital expenditures, and net cash provided by financing activities substantially increased to $84.03 million from $21.75 million, driven by higher proceeds from long-term debt Condensed Consolidated Statements of Cash Flows | Cash Flow Item | FY 2023 (Thousands USD) | FY 2022 (Thousands USD) | | :------------- | :---------------------- | :---------------------- | | Net cash used in operating activities | $(47,264) | $(61,837) | | Purchases of property, plant and equipment and intangible assets | $(27,685) | $(164,486) | | Net cash used in investing activities | $(27,663) | $(182,482) | | Proceeds from long-term debt | $130,000 | $24,700 | | Net cash provided by financing activities | $84,030 | $21,752 | | Net increase (decrease) in cash and cash equivalents and restricted cash | $9,103 | $(222,567) | | Cash and cash equivalents and restricted cash - end of period | $73,504 | $64,401 | [Non-GAAP Financial Measures & Reconciliations](index=10&type=section&id=Non-GAAP%20Financial%20Measures%20%26%20Reconciliations) This section defines Danimer Scientific's non-GAAP financial measures and provides reconciliations to their most directly comparable GAAP equivalents [Non-GAAP Measures Definition and Rationale](index=10&type=section&id=Non-GAAP%20Measures%20Definition%20and%20Rationale) Danimer Scientific utilizes non-GAAP financial measures such as Adjusted EBITDA, Adjusted gross profit, and Adjusted gross margin to assess operational performance by excluding capital investment, financing decisions, and non-recurring charges, providing these metrics to offer investors a more complete understanding of the company's results and underlying business trends, despite their inherent limitations compared to GAAP measures - **Adjusted EBITDA** is defined as net income or loss plus net interest expense, income taxes, depreciation and amortization, adjusted for certain charges or gains like remeasurement of private warrants, stock-based compensation, and non-recurring items[23](index=23&type=chunk) - **Adjusted gross profit** is gross profit plus depreciation, stock-based compensation, and other nonrecurring items; **Adjusted gross margin** is adjusted gross profit divided by total revenue[24](index=24&type=chunk) - These non-GAAP measures are considered useful for evaluating performance by excluding impacts of capital investment, financing, and non-recurring charges, providing a more complete understanding of operations and trends[25](index=25&type=chunk) [Reconciliation of Adjusted EBITDA to Net Loss](index=11&type=section&id=Reconciliation%20of%20Adjusted%20EBITDA%20to%20Net%20Loss) For the full year 2023, Danimer's Adjusted EBITDA was $(38.99) million, an improvement from $(44.99) million in 2022, with this reconciliation detailing the adjustments made to the reported net loss, including adding back stock-based compensation, interest, depreciation and amortization, and other specific non-recurring items, to arrive at the Adjusted EBITDA figure Reconciliation of Adjusted EBITDA to Net Loss | Item | FY 2023 (Thousands USD) | FY 2022 (Thousands USD) | | :--- | :---------------------- | :---------------------- | | Net loss | $(155,473) | $(179,758) | | Stock-based compensation | $55,839 | $56,768 | | Interest, net | $29,641 | $1,723 | | Depreciation and amortization | $29,377 | $20,453 | | Impairment of goodwill | - | $62,663 | | Adjusted EBITDA | $(38,990) | $(44,986) | [Reconciliation of Adjusted Gross Profit to Gross Profit](index=11&type=section&id=Reconciliation%20of%20Adjusted%20Gross%20Profit%20to%20Gross%20Profit) For the full year 2023, Adjusted gross profit was $(6.49) million, a decline from $1.90 million in 2022, resulting in an Adjusted gross margin of -13.9%, with this reconciliation showing the adjustments made to gross profit, primarily the addition of depreciation, to derive the adjusted figure Reconciliation of Adjusted Gross Profit to Gross Profit | Item | FY 2023 (Thousands USD) | FY 2022 (Thousands USD) | | :--- | :---------------------- | :---------------------- | | Total revenue | $46,684 | $53,218 | | Cost of revenue | $73,644 | $63,632 | | Gross profit | $(26,960) | $(10,414) | | Depreciation | $20,386 | $12,249 | | Adjusted gross profit | $(6,487) | $1,895 | | Adjusted gross margin | -13.9% | 3.6% | [Additional Information](index=3&type=section&id=Additional%20Information) This section provides important disclosures regarding forward-looking statements and contact information for investor and media inquiries [Forward-Looking Statements](index=3&type=section&id=Forward-Looking%20Statements) This press release contains forward-looking statements regarding future events, including projections for FY2024 capital expenditures, Adjusted EBITDA, and cash balances, which are subject to various risks and uncertainties, such as consumer demand, economic conditions, market volatility, regulatory changes, and the impact of the conflict in Ukraine, which could cause actual results to differ materially - The report includes forward-looking statements regarding expectations for full year 2024 capital expenditures, **Adjusted EBITDA**, and cash balances[12](index=12&type=chunk) - Forward-looking statements are subject to risks and uncertainties, including consumer demand, economic conditions, market volatility, financial strength of customers, ability to implement business strategy, regulatory changes, and the impact of the conflict in Ukraine[12](index=12&type=chunk) - Actual results could differ materially from those expressed or implied in forward-looking statements, and the company assumes no obligation to update them[12](index=12&type=chunk) [Contacts](index=3&type=section&id=Contacts) Contact information is provided for investor relations, handled by Blake Chamblee, and media inquiries, handled by Richard Ivey - Investor Relations contact: Blake Chamblee, Phone: **770-337-6570**, Email: **ir@danimer.com**[14](index=14&type=chunk) - Media contact: Richard Ivey, Phone: **229-254-7688**, Email: **rivey@danimer.com**[14](index=14&type=chunk)

BAINBRIDGE, Ga.--(BUSINESS WIRE)--Danimer Scientific, Inc. (NYSE: DNMR) (“Danimer” or the “Company”), a leading next generation bioplastics company focused on the development and production of biodegradable materials, today announced it has successfully completed the expansion of its Rochester, NY demonstration plant in order to better serve partners for the testing of Rinnovo® polymers. Rinnovo® is a type of polyhydroxyalkanoate (“PHA”) synthesized using a thermocatalytic process, which the Company believ ...

BAINBRIDGE, Ga.--(BUSINESS WIRE)--Danimer Scientific, Inc. (NYSE: DNMR) (“Danimer” or the “Company”), a leading, next-generation bioplastics company focused on the production of biodegradable materials, is pleased to announce that Dr. David Moody and Mr. Richard Altice have been appointed as members of Danimer’s Board of Directors. Dr. Moody’s appointment is effective immediately, and Mr. Altice’s appointment is effective as of April 15, 2024. Dr. David J. Moody currently is a member of the Board of Direct ...